Loss of Moscow’s Steve Jobs Hits Russia's Largest Search Engine Overnight

Loss of Moscow’s Steve Jobs Hits Russia's Largest Search Engine Overnight:

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Image: Johannes Simon/Getty Images for Hubert Burda Media

Yandex NV, Russia's largest search engine, tumbled for a third day in New York, heightening the adversity in its struggle to preserve a lead against Google Inc. following the death of co-founder Ilya Segalovich.

Shares of Yandex, based in The Hague, slumped 1.8% to $32.76 yesterday, capping the longest slide in almost two months. Russia's benchmark Micex Index traded little changed at 3:29 p.m. in Moscow after four days of declines. VTB Group, the nation's second-biggest bank, slid 1.9% in London today.

Segalovich and Chief Executive Officer Arkady Volozh founded Yandex more than 20 years ago to turn the search engine into an almost $11 billion operation that controls more than 60% of the Russian market, beating Google. Analysts from Otkritie Financial Corp. to EVA Dimensions cut their recommendations on the stock since the death of Segalovich with the number of buy ratings sinking to a 13-month low. Apple Inc. has tumbled in the past year on concern about the lack of a new hit product since the death of co-founder Steve Jobs."

'via Blog this'